The Rise Of Digital Wallets: Top Predictions For 2017

To stay ahead of the rapid changes in payment technology, digital wallet firms need to understand who is driving these changes.

- Sidharth Shekhar

As currency is disappearing from people’s wallet they are turning to online options. Every other shop, big or small, is accepting some form of digital payment powered by digital wallets. Post-demonetization, we have witnessed a sharp increase in tie-ups between retailers and digital wallet firms.

To stay ahead of the rapid changes in payment technology, digital wallet firms need to understand who is driving these changes.

Let’s analyze the key trends that will mark the evolution of digital wallets next year.

Data Security

The true value of the digital wallet goes beyond the transaction; it has immense potential to generate an unparalleled amount of customer transactional data. There is no doubt that this accumulated data helps service providers and merchants harness necessary information to engage the customer with a better experience for each stop on the path to purchase.

However, data security is essential for bringing more people into the cashless system.

We should not forget that cash provides a sense of security to the people.

a. With the spike in cases related to online fraud, the government needs to develop a stringent data security protocol in consultation with the service providers.

Identity theft protection